MODTECH ANNOUNCES RESULTS
MODTECH ANNOUNCES RESULTS PERRIS, Calif., Aug. 13 /PRNewswire/ -- Modtech Inc.
(NASDAQ: MODT) today announced results for is second quarter and the six months ended June 30, 1992.
Revenues for the second quarter were $9,478,000 compared to $13,092,000 in the same period a year ago. Net income for the second quarter was $132,000, or $.03 a share, compared to $494,000, or $.13 a share, for the second quarter of 1991. The small profit achieved during the second quarter of 1992, which is primarily attributable to previously announced cost-cutting measures, partially offset the first quarter loss of $226,000, leaving the company with a net loss of $94,000 for the first six months of 1992, as compared to net income of $344,000 for the comparable period in 1991. According to Evan M. Gruber, chief executive officer, "Revenue in the second quarter was off approximately 28 percent. The economic news in California continues to be less than satisfactory. The unemployment rate rose to 9.5 percent. The State of California budget problems continue to hamper education. School districts do not appear to have funds to place orders even though the student population continues to grow rapidly."
ntinuing increase in student populations, as validated by the need for the school construction bonds approved by the voters in June, suggests that our industry has a potential for growth."
Modtech Inc. designs, manufactures and installs modular relocatable classrooms, marketing its products to California school districts, as well as to the State of California and leasing companies which, in turn, lease the classrooms to school districts. MODTECH INC. Selected Unaudited Financial Data June 30, ($, thousands, except EPS) Second Quarter: 1992 1991 Net sales $9,478 $13,092 Income before taxes 132 824 Net income 132 494 Earnings per share $.03 $.13 Average shares outstanding 3,832 3,927 Six Months: Net sales $16,054 $21,303 (Loss)/income before taxes (94) 574 Net (loss)/income (94) 344 (Loss)/earnings per share (.03) .09 Average shares outstanding 3,701 3,927 -0- 8/13/92 /CONTACT: Evan M. Gruber, CEO of Modtech, 714-943-4014/ (MODT) CO: Modtech Inc. ST: California IN: CST SU: ERN
AL -- LA040 -- 9818 08/13/92 16:31 EDT
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|Date:||Aug 13, 1992|
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